New scheme to tackle black money menace- Income declaration scheme

  • What is the scheme – Income declaration scheme
  • How –
  • Who is eligible –
  • Who is not eligible
  • Issue

What is the scheme – Income declaration scheme

  • A limited-period Compliance Window to declare undisclosed income or income represented in the form of any asset and clear up their past tax transgressions
  • The scheme provides immunity from wealth tax, scrutiny and prosecution and from the Benami Transaction Act
  • The scheme will be kept open for four months from June 1.

How –

  • by paying tax at 30 per cent,
  • Krishi Kalyan surcharge at 7.5 per cent and
  • penalty at 7.5 per cent
  • ie. a total of 45 per cent of the undisclosed income.

Who is eligible –

  • for domestic taxpayers
  • Undisclosed income of any financial year up to 2015-16 can be brought overground through this window.

Who is not eligible

  • People who have received notices under Sections 142 (1), 143 (2), 148, 153A or 153C of the Income Tax Act are not eligible to disclose previously concealed income.
  • Cases where a search or survey has been conducted and the time for issuance of notice under the relevant provisions of the Act has not expired
  • Cases where information is received under an agreement with foreign countries regarding such income
  • Cases covered under the Black Money Act, 2015
  • Persons notified under Special Court Act, 1992,
  • Cases covered under Indian Penal Code, the Narcotic Drugs and Psychotropic Substances Act, 1985, the Unlawful Activities (Prevention) Act, 1967, and the Prevention of Corruption Act, 1988.

Issue

  • Experts believe this may prove a dampener for the scheme.This could be a dampener for the scheme as it would exclude potential disclosures from people who received notices seeking a regular explanation on the returns they had filed
  • Usually, many cases, especially of high net worth individuals, are picked up mechanically for scrutiny and notices are issued. Some notices are issued on the basis of returns filed by the taxpayer, and are not necessarily linked to undisclosed income.
Related Posts
The Ministry of Environment, Forest & Climate Change has notified the revised standards for coal-based Thermal Power Plants in the country, with the primary aim of minimising pollution. These standards are ...
READ MORE
Karnataka: Mid-Year Review Shows State Cash Happy
Revenue surplus is Rs. 8,751 cr. in the first six months of financial year 2016-17 Karnataka has a comfortable cash position and there is no need to avail loans from the ...
READ MORE
The government has declared the National Socialist Council of Nagaland-Khaplang (NSCN-K) a terrorist organisation under the stringent provisions of Unlawful Activities (Prevention) Act, 1967 It is the 39th outfit to enter ...
READ MORE
ಹೆಣ್ಣುಮಕ್ಕಳ ಸುರಕ್ಷತೆ ಹಾಗೂ ಭವಿಷ್ಯದ ದೃಷ್ಟಿಯಿಂದ ರೂಪಿಸಲಾಗಿರುವ ಯೋಜನೆ. ‘ಬೇಟಿ ಬಚಾವೋ, ಬೇಟಿ ಪಢಾವೋ’ ಯೋಜನೆಯ ಒಂದು ಭಾಗ. ಸ್ಮಾಲ್ ಸೇವಿಂಗ್ ಸ್ಕೀಮ್. ಹತ್ತು ವರ್ಷ ವಯಸ್ಸಿನ ಮಿತಿ ದಾಟದ ಬಾಲಕಿಯರಿಗೆ ಈ ಯೋಜನೆ ಅನ್ವಯವಾಗುತ್ತದೆ. ಬಾಲಕಿಯ ಹೆಸರಿನಲ್ಲಿ ಆಕೆಯ ಪಾಲಕರು , ಲೀಗಲ್ ಗಾರ್ಡಿಯನ್ಈ ಖಾತೆ ...
READ MORE
DOWNLOAD KPSC MAINS 2014 PAPER CLICK HERE
READ MORE
The government, during the Budget session of the Parliament, plans to amend The mining law which is holding up mergers and acquisitions worth thousands of crore in the distressed commodities and ...
READ MORE
Prime Minister Narendra Modi and the President of United States of America (USA) Barack Obama. (File Photo: IANS/PIB)
"Nuclear safety, terror to be in focus as PM plans three-nation tour" India's agenda at the fourth Nuclear Security Summit (NSS 2016) in Washington  Will push for a global initiative against nuclear ...
READ MORE
Akrama-Sakrama online process to start after a week (Karnataka Updates)
Citizens can apply online for regularisation of their properties under the Akrama-Sakrama scheme may have to wait at least a week as the Bruhat Bengaluru Mahanagara Palike (BBMP) is yet to ...
READ MORE
After Jallikattu & Kambala, next demand for lifting ban on Hori habba
The massive campaign for Kallikattu in Tamil Nadu and a similar campaign building up for kambala in Karnataka seem to have opened a Pandora’s box. Now, there is demand from people ...
READ MORE
Karnataka: Govt to prepare state’s youths for Army
A pre-recruitment training programme proposed by the Karnataka government for those aspiring to get into the Indian Army is all set to be launched. The admission process for the programme will ...
READ MORE
Stricter Standards for Coal Based Thermal Power Plants
Karnataka: Mid-Year Review Shows State Cash Happy
Centre declares NSCN(K) terrorist organisation
ಸುಕನ್ಯಾ ಸಮೃದ್ಧಿ
KPSC Mains Paper
MMDR Act of 2015 to be amended
All about nuclear security summit
Akrama-Sakrama online process to start after a week
After Jallikattu & Kambala, next demand for lifting
Karnataka: Govt to prepare state’s youths for Army